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Associated PressBRUSSELS (AP) -- Standard & Poor's threatened Monday to downgrade the credit rating of 15 eurozone countries, piling pressure on the currency union's leaders to take radical steps to resolve their debt crisis at a summit later this week.
The decision to put 15 eurozone countries - including AAA-rating nations such as Germany and Luxembourg - on watch for a possible cut in their credit worthiness also threatens to throw the eurozone's bailout mechanism into disarray, since the rescue fund relies on those countries' stellar rating to cheaply raise money on the markets.
"Today's CreditWatch placements are prompted by our belief that systemic stresses in the eurozone have risen in recent weeks to the extent that they now put downward pressure on the credit standing of the eurozone as a whole," S&P said in a statement shortly after markets closed in the United States.
The only two euro nations not put on credit watch were Cyprus, which was already under review, and Greece, which already holds the world's worst rating.
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Please note : CountAllVotes actually posted this news item just before me but graciously deleted the post in the absense of a link.
S&P warns of broad euro zone downgrade over debt crisis
(Reuters) - Standard & Poor's on Monday warned it may downgrade the credit ratings of virtually all euro zone countries as the region's debt crisis deepens.
The ratings agency placed the ratings of 15 euro zone countries, including top-rated nations such as Germany and France, on credit watch negative -- an unprecedented move that signals a possible downgrade within three months.
S&P's action was "prompted by our belief that systemic stresses in the eurozone have risen in recent weeks to the `=extent that they now put downward pressure on the credit standing of the eurozone as a whole," S&P said in a statement.
S&P expects to conclude its review "as soon as possible" following the summit of EU leaders later this week, it added.
http://uk.reuters.com/article/2011/12/05/uk-eurozone-sp-officials-idUKTRE7B42BO20111205